ICRI interest in economic valuation of coral reefs was formalized at the ICRI General Meeting held in Washington, DC in January 2008 through the creation of an Ad Hoc Committee on Economic Valuation of Coral Reef Ecosystems, with the US-Mexico Secretariat and the World Resources Institute (WRI) as co-chairs (Terms of reference of the Ad Hoc Committee). A key responsibility of the committee is the compilation of background resources, economic valuation methodologies, and applications as a reference for ICRI members interested in economic valuation of coral reefs.

Process

In early February 2008, WRI sent a short questionnaire to Ad Hoc Committee members, other ICRI partners, and several other experts on coral reef valuation. The effort focused on identifying the most useful background materials and references on economic valuation, with and emphasis on coral reefs. Information was gathered on books, papers and websites that provide background on conducting an economic valuation; economic valuation methodologies and training materials; databases that provide summaries of ecosystem valuations (for coral reefs as well as other ecosystems); and references for economic valuation applications. In addition, the questionnaire requested examples of economic valuation applications that have resulted in tangible outcomes.